A central piece of Ballarat real estate and Victorian asset is on the market.
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The Central Square Shopping Centre car park, on the corner of Dana and Doveton streets, is for sale via expressions of interest.
One of Australia's largest car park owner operators, Care Park, is selling the property with a leaseback in place for it to continue to operate the investment for the incoming purchaser.
The City of Ballarat sold the investment property, which has 502 car parks over 12 levels, in September 2004 for an undisclosed amount.
Melbourne-based commercial real estate services, CBRE, is marketing the central Ballarat property which is zoned commercial one.
CBRE Melbourne metropolitan sales senior negotiator Scott Hawthorne said the property had attracted interest from international and Australian buyers.
"We are fielding interest from a range of international and local buyers, given the strength of the global brand and the favourable lease structure in place," Mr Hawthorne said.
"This is in addition to enquiries from a variety of notable developers specialising in delivering landmark projects in Ballarat and the surrounding suburbs, all of whom recognise the long-term upside given the corner position and favourable commercial one zoning, providing a variety of development outcomes."
Mr Hawthorne said investors were seeking assets with trusted covenants, providing certainty of income.
"The freehold nature of the large landholding, combined with the income security offered by this recognised, trusted and market leading operator is appealing to buyers looking for a solid long term and low maintenance investment," he said.
"We are witnessing investors seeking more attractive returns than they can achieve in the bank and other comparable investments. Car parks are sound investments given the significant existing improvements in place, they require such low levels of CAPEX (Capital expenditure) and ongoing maintenance."
Australia is one of the most motorised countries in the world with most households having at least two cars if not more. Care Park's operations park more than one million cars daily.
It has operations in New Zealand, Malaysia, United Kingdom and Europe.
Care Park's majority shareholder is Far East Consortium, which has been listed on the Hong Kong Stock Exchange since 1972.
The City of Ballarat is set to experience a population boom with total forecast to increase to 144,000 by 2036, a growth of 39.36 per cent.
The Central Square Shopping Centre car park's current price structure is free for the first two hours. Payment of $5 is required at the exit station for a stay of longer than two hours, and $9.50 for four or more hours.
The car park adjoins Central Square, one of Ballarat's largest shopping complexes.
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